White Coat Investor Podcast

MtoM #115 - Doc Pays Off Student Loans in 30 Months

Apr 24, 2023
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ANECDOTE

Rapid Debt Repayment Journey

  • Dr. Asar graduated residency in 2020 with roughly $250,000 in student loan debt and finished paying it off in March 2023.
  • He refinanced and tracked the exact balance of $257,727 at end of 2020 while his income rose after COVID setbacks.
ANECDOTE

Modest Lifestyle Expansion

  • During residency he lived very cheaply, sharing housing and paying about $1,200/month, then later moved into a house with a $2,000/month mortgage.
  • He allowed modest lifestyle increases while keeping spending controlled to accelerate debt payoff.
ADVICE

Use A Detailed Budget Plan

  • Create a detailed written plan and stick to it using tools like multi-tab Excel sheets to track monthly and yearly budgets.
  • Include business accounts and future expenses to ensure you allocate funds correctly toward goals.
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